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Technology Stocks : IFLY - travel sales on the web pure play
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To: simarx who wrote (2827)12/20/1998 9:28:00 PM
From: Paul Motter  Read Replies (1) of 4761
 
Amazon has a 47% short interest of all outstanding shares. That's right, 47%. There are no more AMZN shares available to short and that is one reason why the stock keeps going higher. Another reason is the very small float of shares available to the public, only about 15 million. EBAY only has 3.5 million available and also has a huge short interest.

The combination of a small float and high short interest is enough to propel any stock to the moon. Would you want to be short the day the updated Website goes public? Think how hard it is going to be to buy shares to cover that short. Who is going to sell while the stock is going higher on a big news day?

There have been a few short squeezes in this stock already. Two weeks ago the stock opened at 10. That was a short squeeze. How do you tell? Retail investors were putting in their buy orders all weekend long, but the stock jumped from 7 1/2 to 10 just minutes before the bell. That was short covering coming at the last minute to cover, obviously not retail buyers who can't buy before the bell.

While I don't welcome news that the company is considered a good short, I also recognize that the potential for a short squeeze is greater with more shorts out there. I would never short this stock just like I would never short Amazon. Only Evil Kneival would short a stock with a 1.4 million share float. Especially with such imminent good news.
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